ASSIGNMENT AND ASSUMPTION AGREEMENT
THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Agreement”) is made as of this 30th day of September, 2008, by Tuchman Cleaners, Inc., an Indiana corporation (“Assignor”), and USDC Tuchman Indiana, Inc., a California corporation (“Assignee”), as follows:
1. This Agreement is executed and delivered in connection with that certain Asset Purchase and Sale Agreement, dated as of August 20, 2008, as amended by a First Amendment to Asset Purchase Agreement, dated as of August 29, 2008 (collectively, the “Asset Purchase Agreement”), by and between Assignor and Assignee.
2. Assignor, for good and valuable consideration, the receipt of which is hereby acknowledged, does hereby sell, assign, transfer, and set over to Assignee and Assignee’s heirs, successors, and assigns, for their use and benefit, all of Assignor’s right, title, and interest in and to the Section 365 Contracts (as defined in the Asset Purchase Agreement and which are identified on Exhibit A hereto)(the “Assignment”).
3. In consideration of the transfer of the Section 365 Contracts made by Assignor to Assignee pursuant to the terms and conditions of the Asset Purchase Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by Assignee, Assignee hereby accepts the Assignment and assumes all of the Section 365 Contracts. Assignee hereby covenants with Assignor that Assignee and its successors and assigns will from and after the date hereof assume and agree to keep, perform, and fulfill, or cause to be kept, performed, and fulfilled, all of the terms, covenants, conditions, and obligations relating to or arising out of the Section 365 Contracts.
4. This Agreement shall inure to the benefit of Assignee and Assignor and their respective successors and assigns and shall be binding upon and enforceable against Assignor and Assignee and their respective successors and assigns.
{Signature Page Follows}
IN WITNESS WHEREOF, Assignee and Assignor have caused this Agreement to be duly executed as of the date first above written.
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| | Assignee: USDC TUCHMAN INDIANA, INC., a California corporation |
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| | By: | /s/ |
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Name: Title: |
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| Address: | 4040 MacArthur Blvd. Suite 305 Newport Beach, CA 92660 |
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| | Assignor: TUCHMAN CLEANERS, INC., an Indiana corporation |
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| | By: | /s/ |
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Name: Kevin M. Lyng Title: Chief Executive Officer |
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| Address: | 11811 N. Tatum Blvd. Suite 3031 Phoenix, AZ 85028 |
EXHIBIT A
Executory Contracts and Leases | |
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Lease/Executory Contract | Lessor/ Counterparty | Contact Information |
| Store # 51015, 304 E New York St., Indianapolis, IN 46204 | DH Realty, LLC | DH Realty, LLC (Attn: Dee Headley), 111 Monument Circle, Suite 3960, Indianapolis, IN 46204 |
| Store # 51017, 1201 W. Oak St., Zionsville, IN 46077 | Oak Center LLC | Oak Center LLC (Attn: Kenneth D. Woods), PO Box 43, Zionsville, NC 46077 |
| Store # 51018, 7045 Emblem, Suite 4, Southport, IN 46237 | Gerald Klapper | Southport Crossing Centre (Attn: Gerald Klapper), 7045 Emblem Drive, Indianapolis, IN 46237 |
| Store # 51021, 7389-B Shadeland Avenue, Indianapolis, IN 46250 | T-L Shadeland Station LLC | Tri-Land Properties Inc (Attn: Matt Pauli), One Westbrook Corp Center , Suite 520, Westchester, IL 60154-5764 |
| Store # 51023, 6920 EagleHighlands Way #A, Indianapolis, IN 46254 | Valtesi I, LLC | Valtesi I, LLC (Attn: Mary Ringis), 930 East 66 St., Indianapolis, IN 46220 |
| Store # 51024, 2284 E 116th St., Carmel, IN 46032 | Merchants 450 LLC | Ramco Merchants Square LLC (Attn: Dan Muska), 31500 Northwestern Hwy., Suite 300, Farmington Hills, MI 48334 |
| Store # 51027, 11813 Allisonville Rd., Fishers, IN 46038 | G&J Partnership | G&J Partnership (Attn: Vern Young), 4525 East 82 St., Indianapolis, IN 46250 |
| Store # 51030, 7810 E. US 36, Avon, IN 46123 | Cranfill Development Corp. | Cranfill Development Corp. (Attn: Mark Cranfill), 3895 N. 575 East, Brownsburg, IN 46112 |
| Store # 51031, 7335 W. 10th St., Indianapolis, IN 46224 | Veritas Realty, LLC | Veritas Realty, LLC (Attn: Mary Ringus), 930 East 66th Street, Indianapolis, IN 46220 |
| Store # 51032, 4016 E. 62nd St., Indianapolis, IN 46220 | S&N Realty, LLC | S&N Realty, LLC (Attn: Tom Schrader), 6332 N. Guilford Avenue, #204, Indianapolis, IN 46220 |
| Store # 51033, 1164 N. Main St., Franklin, IN 46131 | Franklin Shopping Plaza ,LP | Landmark Properties Group (Attn: Joseph Opferman), 4818 Route 8, Unit 2, Allison Park, PA 15101 |
| Store # 51034, 2710 South State Rd #135, Greenwood, IN 46143 | TKC Properties, LLC | TKC Properties, LLC (Attn: Hollie Bright), 6910 N Shadeleand - Suite 200, Indianapolis, IN 46220 |
| Store # 51036, 1419 W. 86th St., Indianapolis, IN 46260 | 86th & Ditch Road Realty Co. LP | Lauth Property Group (Attn: Patrick J. Lavelle), 401 Pennsylvania Parkway, Indianapolis, IN 46280 |
| Store # 51038, 5510 Lafayette Rd. Suite 100, Indianapolis, IN 46254 | Harris, FLP | Harris, FLP (Attn: Larry Harshman), P O Box 37, Zionsvile, IN 46077 |
| Store # 51039, 7829 Sunnyside RD. Suite C, Lawrence, IN 46236 | Flynn & Zinkan Holdings,LLC | Flynn & Zinkan (Attn: Leslie J. Elam), 5332 N. Temple Avenue, Indianapolis, IN 46220 |
| Store # 51040, 1470 E. 86th St., Indianapolis, IN 46240 | Nora Improvements, LLC | Nora Corners c/o DLC Management Corp. (Attn: Marilyn Zengotita), 580 White Plains Road, Tarrytown, NY 10591 |
| Store # 51041, 8936 E. 96th St., Fishers, IN 46038 | Glendale Partners | Glendale Partners of Michigan Road (Attn: Glendale Partners of Michigan Road), P.O. Box 5616, Indianapolis, IN 46255 |
| Store # 51042, 110 Simmons St., Plainfield, IN 46168 | Daum Investment Corp. | Daum Investment Corp. (Attn: Ralph E. Daum), 504 S. Carr Road, Plainfield, IN 46168 |
| Store # 51044, 12273 North Meridian Street, Carmel, IN 46032 | KRG Hamilton Crossing LLC | KRG Management, LLC (Attn: John A. Kite), 30 S Meridian St., Suite 1100, Indianapolis, IN 46204 |
| Store # 51046, 9787 East 116 Ave., Fishers, IN 46038 | Sunbeam Development Corporation | Sunbeam Development Corporation (Attn: Edward E. Hollis, Jr.), 9200 East 116th Street, Fishers, IN 46038-2830 |
| Store # 51048, 919 N. Green Street, Brownsburg, IN 46112 | Brownsburg Management Group, LTD | Brownsburg Management Group (Attn: Bruce Becker), 21 Hillcrest Court, Ridgefield, CT 06877 |
| Store # 51050, 12672 East 116 St., Fishers, IN 46038 | Brookschool Plaza LLP | Brookschool Plaza LLP (Attn: Kathy Brown), 4525 E. 82 St., Indianapolis, IN 46250 |
| Store # 51052, 17439 Carey Road, Westfield, IN 46074 | FZB Capital Company, LLC | Zinkan & Barker Development co. (Attn: Robert J Barker), 5332 North Temple Avenue, Indianapolis, IN 46220 |
| Copier Lease | Ikon Financial Solutions | P.O. Box 650073, Dallas, TX 75265-0073 |
| Cylinder Rental | Indiana Oxygen | P.O. Box 78588, Indianapolis, IN 46278-0588 |
